Pineapple Stock Dips

Pineapple Financial experienced a significant drop of over 47% in its shares since its trading debut following a downsized initial public offering (IPO) that was priced at the lower end of expectations. The tech-focused mortgage brokerage, based in North York, Ontario, initially intended to offer 1.25 million shares but ultimately sold 875,000 shares in the IPO. The company’s shares, which opened at $3.50, are now trading at $1.87, reflecting the decline. Due to Pineapple Financial raising less than $5 million and having a market capitalization below $50 million at the pricing stage, it will not be included in Renaissance Capital’s 2023 IPO statistics. Potential investors are advised to review the prospectus and other documents filed with the SEC for comprehensive information about the company and the offering before making any investment decisions.